National Bank of Egypt to open its first branch in South Sudan on June 28
The National Bank of Egypt, the country’s biggest state-run lender, will be opening its first branch in Juba, South Sudan on June 28.
The new branch will be with a capital of $30 million. It is located in Juba town, next to Bank of South Sudan, said the Egyptian embassy in South Sudan said in a statement on Saturday.
“A new presence for the bank with our siblings in Juba, the capital of South Sudan, aspiring more cooperation and development for Africa,” Yehia Aboul Fotouh, deputy chairman of NBE, said in a Facebook post on Sunday.
The bank’s presence in Africa will provide various banking and advisory services to Egyptian companies that aim to invest in the African market to enhance import and export between the various countries of the continent, which will be in turn reflected on the Egyptian economy and national product.
NBE owns a network of branches and foreign representative offices, represented in two branches in China and the US, and three representative offices in Ethiopia, South Africa, and the UAE.